The incoming president's reaction to the central bank could serve as an early indicator of how extensively he plans to reshape traditional government bureaucracy.

After all, the Fed's primary tool for fighting inflation has been rate hikes. While traders feel certain the Fed will deliver a 25-basis-point cut at the conclusion of this week's meeting, the outlook becomes murky after that.

Federal Reserve Chair Jerome Powell had a one-word answer Thursday when a reporter asked whether he would resign if president-elect Donald Trump demands it: “No.” Trump’s re-election presents a new factor for Fed officials to consider in their decisions over monetary policy.